You can try going to the sony website and downloading a firmware update to see if that fixes your problem. If that doesen't work then depending on what version your psp is there could be a lot of different solutions.

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I think the lens might have died permanantely, or maybe just it's temporary. I've also had the same problem, and one time I turned it on, it started working again. Wait about a day and see if it still happens.

If your PSP isn't reading
games and/or movies and the problem isn't that your trying to play
dirty, bent, or damaged UMD discs there are a number of other reasons
your PSP is not reading disks correctly =- Your UMD motor may be malfunctioning.
- Your laser may have worn down from use over time.
- Your UMD drive tray may be bent.
- There may be a foreign object in your UMD drive

For whatever reason your PSP has stopped reading games and/or movies we
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Solution:
1) You must first backup ur data on your memory stick to your PC. Mainly the saved games data. ( directory is PSP\SAVEDATA)
2) Format the memory stick using the PSP format tool in system settings...not your PC.
3) In System Setting UNCHECK or UNSELECT "UMD Cache" this must be off!!!!
4) Connect your psp via USB cable
5) Copy your game saves / data back to your psp remember >> PSP\SAVEDATA .
6) Do a hard reboot of your psp ie hold the power switch for 3 seconds and it will reboot.
7) Your UMD games should now work with no probs.

If you have custom firmware installed you can download umd dumper: http://www.psp-hacks.com/file/38.Just put the umddump and the umddump% in PSP,GAME and then put the umd you want to copy on your psp and on your psp go to game, memory stick and click x on umd dumper.Then when its done coping go to game, memory stick and there should be the game of the umd and you dont have to had the umd to play the game.

You should reformat the psp memory stick if the game is copied, but for the UMD, for M33 versions firmware, you press Select on your psp and select UMD instead of memory stick. You should press the select on other parts of your selections on your psp. Do not press other things such as saved data utility, etc.

the problem isnt your firmware its your umd reader inside your umd drive you or somone probably dropped your psp and damaged it so the psp can no longer read UMD's either get a new psp or replace your UMD drive thats all that can be done

is the silver part of the psp's umd disk at all scratched? if it is dismantling the umd and cleaning it will often help fx this problem..after you have dismantled and cleaned the umd can be repaired with a small amount of sellotape .

if that didnt help then there is possibley a problem with the umd having been erased by a mgnet or your psp's laser having died or be in need of cleaning

the reason the umd wont load is because someone shut the psp off when the game was loading. so whoever did that just messed up your psp. i know cause someone did it to mine now i have to get it fixed or buy a new one. and to get the psp fixed its not guna be cheap.